New Delhi: India has entered into a pact with
three major economies -- Russia, Malaysia and Brazil -- to
ensure mutual flow of information pertaining to money
laundering and terror funding.
Negotiations to sign Memoranda of Understanding (MoUs)
with more than 30 other countries is under process for
enhancing international cooperation in fighting illegal
routing of money for terror and hawala-like operations, a
senior Finance Ministry official said.
India has also signed similar MoUs with Mauritius and the
Philippines in 2008.
The MoUs will enable the country`s Financial Intelligence
Unit (FIU) -- a government agency to investigate and
disseminate information between financial and law enforcement
agencies for identification of suspicious money laundering --
to share information with foreign FIUs whenever considered
necessary and reciprocally obtain information from them on
money laundering activities, the official said.
This year, India received 69 requests of information from
foreign financial intelligence units while it sent 17 such
requests to other countries.
The government has also established Joint Working Groups
(JWG) -- comprising senior officials from enforcement agencies
-- with a number of countries like the US, Germany, the UK and
Russia on various operational issues relating to terrorism and
other crimes including money laundering and drug trafficking.
A joint meeting was held with Russia this year in this
regard, the official added.
The Indian FIU (FIU-IND) also screens and processes
requests from foreign FIUs, disseminates information apart
from establishing and maintaining relationship with them. It
also facilitates, administers and negotiates Memoranda of
Understanding (MoUs) with the foreign FIUs.
According to established government guidelines, the MoU
envisages that information or documents obtained from the
respective authorities will not be disseminated to any third
party, nor be used for administrative, prosecutorial or
judicial purposes without prior consent of the disclosing
authority.
The information acquired will be treated as confidential
and will be subject to official secrecy. The MoU also provides
that authorities will jointly arrange, consistent with the
legislation of their respective countries, for acceptable
procedures of communication and will consult each other for
the purpose of implementing the Memorandum, the guidelines
said.
The guidelines further added that the authorities would
not be under any obligation to give assistance if judicial
proceedings have already been initiated concerning the same
facts to which the request is related. Further, the MoU may be
amended or revoked at any time.
PTI
